Advisors Asset Management Inc. Increases Stake in Summit Materials, Inc. (NYSE:SUM)

Advisors Asset Management Inc. boosted its position in Summit Materials, Inc. (NYSE:SUM) by 18.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 127,937 shares of the construction company’s stock after purchasing an additional 19,669 shares during the quarter. Advisors Asset Management Inc. owned approximately 0.07% of Summit Materials worth $6,474,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA increased its position in shares of Summit Materials by 6.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock valued at $298,181,000 after acquiring an additional 429,062 shares in the last quarter. Principal Financial Group Inc. increased its position in Summit Materials by 1.8% during the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after acquiring an additional 94,694 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Summit Materials by 0.3% in the third quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock valued at $108,885,000 after acquiring an additional 9,566 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Summit Materials by 21.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock worth $68,419,000 after purchasing an additional 313,957 shares during the period. Finally, Segall Bryant & Hamill LLC boosted its stake in shares of Summit Materials by 6.5% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,547,312 shares of the construction company’s stock worth $60,392,000 after acquiring an additional 94,177 shares during the last quarter.

Summit Materials Trading Up 0.2 %

Shares of SUM opened at $52.54 on Wednesday. The stock has a market capitalization of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. The company’s fifty day moving average is $52.40 and its 200 day moving average is $47.66. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials, Inc. has a fifty-two week low of $34.64 and a fifty-two week high of $54.07.

Wall Street Analysts Forecast Growth

SUM has been the subject of a number of recent research reports. StockNews.com started coverage on Summit Materials in a research note on Wednesday. They set a “sell” rating for the company. Wolfe Research reissued a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Loop Capital restated a “hold” rating and set a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Finally, Stephens downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $50.67.

Summit Materials Company Profile

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.